Winklevoss Crypto Exchange Wins Approval to Trade Zcash

The Winklevoss twins' Gemini digital currency exchange has become the first in New York to receive a license to trade the privacy-focused cryptocurrency zcash.

Alongside the news, Gemini announced support for trading zcash on Monday. Starting from May 19, Gemini users will be able to start depositing zcash (ZEC) into their accounts, the exchange said in a blog announcement. Trading will commence on May 22.

Gemini will be offering three new pairs for trading the cryptocurrency: ZEC/USD, ZEC/BTC and ZEC/ETH.

Eric Winer, VP of engineering at Gemini, said in the post:

"We have been working closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Zcash trading and custody services to our customers as a New York trust company."

"This action continues New York's longstanding commitment to innovation and leadership in the global marketplace," Vullo stated in a release.

Gemini first received its trust charter from the DFS back in October 2015, allowing it to operate a digital currency exchange in the U.S. state.

"Gemini can launch Zcash trading immediately, subject to ongoing supervision by the state," the New York State DFS said.

With the news, Tyler Winklevoss, CEO of Gemini, said in the DFS release:

"We are proud be the first licensed exchange in the world to offer Zcash trading and custody services and look forward to providing customers with a safe, secure, and regulated place to buy, sell, and store Zcash, an incredible new form of digital cash."